History_21__outline_for_1920s_economy_le - 1920s ECONOMY,...

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  CAUSES OF GREAT DEPRESSION EXPLANATIONS FOR GREAT DEPRESSION: “Pessimists”:  structural weaknesses in 1920s economy  led to mass under-consumption “Optimists”:  spike in productivity; explosion in mass  consumer-good production (goods such as autos,  radios, refrigerators) IMPRESSIVE PERFORMANCE OF 1920s ECONOMY --1922-1927:  annual GDP growth rate of 7% --1922-1928:  unemployment rate under 3% --1922-1928:  annual labor productivity growth rate of 6% --explosion in installment debt (over half going to auto  purchases)
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CLOSER LOOK AT AUTOMOBILE INDUSTRY & 1920s “CAR WARS” EVERY WORKER” --Ford’s great gains in auto-making efficiency:  in 1913,  Model T required 12.5 hours for assembly; by early  1920s, assembly time dropped to under 1 hour --in 1908, price of Model T was $850; in 1920, price was 
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History_21__outline_for_1920s_economy_le - 1920s ECONOMY,...

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